Fintech and digital payments giant Block, Inc. formerly known as Square Inc. is being sued by tax firm H&R Block for trademark infringement.
- Earlier this month, Square announced that it was changing its name to Block in a move that reflected changes to its business. The step also likely signaled the firm’s significant crypto ambitions.
- On Thursday, H&R Block said it has filed a lawsuit against Block for the rebrand, arguing that “the goodwill and brand identity that Block has carefully cultivated and nurtured over the last 65 years is under attack by the Silicon Valley fintech company.”
- The tax firm noted that Block competes with it in several areas of financial services, including tax preparation via Block’s recent purchase of Credit Karma Tax, now called Cash App Taxes.
- “Today’s filing is an important effort to prevent consumer confusion and ensure a competitor cannot leverage the reputation and trust we have built over more than six decades,” said H&R Block CEO Jeff Jones.
- The complaint was filed in the U.S. District Court for the Western District of Missouri.
- Shares of Block were down 5.3% to $164.91 in trading Thursday.
- Block did not immediately respond to CoinDesk’s request for comment on the lawsuit.
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